Personal Finance

Bank Sohar offers limited time auto loan

Bank Sohar, in commemoration of the 45th National Day, is offering a limited time offer for its Al Mumayaz Auto Loan which will run from November 15 to November 26.

As part of the offer, customers who purchase a new or used vehicle during the offer period and finance it through the Bank’s Al Mumayaz Auto Loan facility will be eligible for interest rates starting from just 4 per cent based on the tenor of the loan and with zero processing fees.

Commenting on the special offer, R Narasimhan, GM of Retail Banking at Bank Sohar said, “Our Al Mumayaz Auto Loan product has significantly grown in popularity since its introduction just over a year ago, thanks to its incredible flexibility and quick approval process of just one hour. In celebration of the 45th National Day of Oman we have decided to take this offer to a new level with the introduction of our new National Day Auto Loan offer.

“With this offer we will be providing our customers with special interest rates, zero processing fees, and other value added benefits, which will no doubt help our customers greatly when purchasing the car of their dreams this November.”

The bank’s Al Mumayaz Auto Loan offers both Omanis and expatriates, auto financing solutions and one hour loan approvals for new and used cars for up to 80 per cent of their value. Finance is available with no medical requirement for insurance of loans up to a certain limit. There is also no requirement for a salary transfer as loans can be granted against post-dated cheques.

Al Mumayaz Auto Finance also provides an insurance option for customers who prefer to avail it through the bank.

“Our Al Mumayaz Auto Loan service provides customers with an extremely quick and hassle-free finance solution with a quick turnaround of just one hour for sanction. Furthermore, we have always been committed towards customising products and services based on an in-depth understanding of customers’ needs and meeting their expectations; this is why, considering the substantial financial commitment that goes into purchasing a new car, we are even offering our customers the option of deferring the start of the loan repayment by up to two months.

Doing so will greatly reduce the financial impact of the purchase, thereby offering our customers a relaxing banking experience,” added Narasimhan. This Auto Loan special offer is currently available at all of Bank Sohar’s 27 branches located across Oman.

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This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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